Colloquially, when an insurance company decides to refuse to renew coverage on someone, typically with automobile insurance, it is said that the insurer has "cancelled" their insurance. Technically, insurance is only "cancelled" if an insurer immediately notifies someone that they are terminating coverage.

A little obscure place canceled in with iron work is the pillar or stump at which . . . our Savior was scourged.
Evelyn.

2.

To shut out, as with a railing or with latticework; to exclude.

[Obs.] "Canceled from heaven."

Milton.

3.

To cross and deface, as the lines of a writing, or as a word or figure; to mark out by a cross line; to blot out or obliterate.

A deed may be avoided by delivering it up to be cancelled; that is, to have lines drawn over it in the form of latticework or cancelli; the phrase is now used figuratively for any manner of obliterating or defacing it.
Blackstone.

4.

To annul or destroy; to revoke or recall.

The indentures were canceled.
Thackeray.

He was unwilling to cancel the interest created through former secret services, by being refractory on this occasion.
Sir W. Scott.

5. Print.

To suppress or omit; to strike out, as matter in type.

Canceled figures Print, figures cast with a line across the face., as for use in arithmetics.